Time Consistency and Robustness of Equilibria in Non-Cooperative Dynamic Games* *The current version of this paper has benefited from comments received from the audience at the Conference on ‘Dynamic Policy Games in Economics’ and from the two referees. I am also grateful to Mark Salmon, of the University of Warwick, for several constructive suggestions on an earlier version of the paper. The work was partially conducted while the author was spending a sabbatical year at INRIA, Sophia Antipolis, France. Our research in the area of multiple-agent decision-making, some of which has been reported here, has been partially supported by the Air Force Office of Scientific Research under Grants AFOSR 84-0056 and AFOSR 88-OI78, through the University of Illinois at Urbana-Champaign.